EDMONTON, ALBERTA--(Marketwired - Dec. 1, 2016) - Altiplano Minerals Ltd. (TSX VENTURE:APN) ("APN" or the "Company") announces that it has entered into an option to purchase dated November 30, 2016 (the "Option") with Velocity USA, Ltd. ("Velocity") to acquire twelve (12) mining claims located in Idaho, known as the Orogrande Property, subject to a 1.5% net smelter returns royalty.
To exercise the Option, the Company may:
- Issue 1,250,000 common shares and pay CDN$25,000 to Velocity, provided that Velocity shall immediately use such cash to stake in its name further claims near or adjacent to the Orogrande Property and all such newly staked claims shall thereafter form a part of the property for the purpose of this Option;
- On or before the first anniversary of the Option, incur exploration expenditures on the property of not less than CDN$500,000, and issue a further 1,250,000 common shares;
- On or before the second anniversary of the Option, incur exploration expenditures on the property of not less than CDN$750,000, and issue a further 1,250,000 common shares; and
- On or before the third anniversary of the Option, incur exploration expenditures on the property of not less than $750,000.
The Option is subject to the acceptance of the TSX Venture Exchange ("TSXV") on behalf of the Company. The first instalment of shares will be issued upon receipt of the TSXV's final acceptance.
Altiplano Minerals Ltd. (TSX VENTURE:APN) is a mineral exploration company focused on evaluating and acquiring projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a substantial record of success in capitalizing opportunity, overcoming challenges and building shareholder value. Additional information concerning Altiplano can be found on its website at www.altiplanominerals.com.
ON BEHALF OF THE BOARD
John Williamson, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.